Ro­ma­nian in­sol­vency firm CITR look­ing to im­prove Cyprus mar­ket

Financial Mirror (Cyprus) - - CYPRUS -

CITR, Ro­ma­nia’s in­sol­vency mar­ket leader is hop­ing to im­prove the lo­cal frame­work fol­low­ing the es­tab­lish­ment of their new Cyprus of­fice.

CITR’s new Ni­cosia of­fice aims to max­imise the value of the debtors’ as­sets, and there­fore, in­crease the re­cov­ery rate of re­ceiv­ables to the cred­i­tors’ ben­e­fit, us­ing in­no­va­tive mech­a­nisms and tai­lor-made so­lu­tions.

CITR is sup­ported by Ro­ma­nian and Cypriot li­censed in­sol­vency prac­ti­tion­ers boast­ing a wealth of ex­pe­ri­ence on all in­sol­vency re­lated mat­ters.

Vasile God­inca-Her­lea, CEO of CITR Ro­ma­nia and Cyprus, said: “We are ready to repli­cate in Cyprus the suc­cess­ful model de­vel­oped in Ro­ma­nia and are com­mit­ted to work­ing to­wards the im­prove­ment of the Cypriot le­gal in­sol­vency frame­work in or­der to help the lo­cal mar­ket ma­ture, as we suc­cess­fully did in Ro­ma­nia.”

He added: “This will be fa­cil­i­tated by our mul­ti­dis­ci­plinary in­sol­vency ap­proach and, more im­por­tantly, our di­rect and seam­less com­mu­ni­ca­tion with all the par­ties in­volved in the pro­ce­dure, all based on spe­cialised soft­ware that pro­vides real time in­for­ma­tion”.

An­dri An­to­niou, CITR Di­rec­tor in Cyprus, is con­fi­dent in the know-how de­liv­ered and the ben­e­fits to be pro­vided to the Cypriot mar­ket, both for cred­i­tors and for com­pa­nies in dis­tress.

“Draw­ing on CITR’s ex­pe­ri­ence and


I look for­ward to ap­ply­ing my in­sol­vency ex­per­tise in the Cyprus mar­ket to ad­dress spe­cific needs in the field,” she said.

Irina Misca, an­other CITR di­rec­tor in Cyprus, said Ro­ma­nia has wit­nessed a 100% ap­proval rate of re­or­ga­ni­za­tion plans pro­posed to cred­i­tors over the past 20 years of in­sol­vency ac­tiv­ity.

“We are recog­nised for short­en­ing the du­ra­tion of medium and large pro­ceed­ings by at least 30%, through the de­vel­op­ment of cus­tomised trans­ac­tions for each project. We are con­fi­dent we will achieve these ob­jec­tives here in Cyprus as well.”

Fol­low­ing its launch in Cyprus, CITR plans to open of­fices in at least two more EU coun­tries over the next two years.

CEO, God­inca-Her­lea, is a renowned pro­fes­sional with a 15-year ex­pe­ri­ence in in­sol­vency, known for his con­tri­bu­tion in the ma­tur­ing of the Ro­ma­nian in­sol­vency mar­ket; Irina Misca, has six years’ ex­pe­ri­ence in the sec­tor, while An­to­niou, is a lo­cal ex­pert in in­sol­vency with 9 years’ ex­pe­ri­ence in the mar­ket and a mem­ber of the Law So­ci­ety of Eng­land and Wales.

CITR is a mem­ber of CITR Group, the first group of com­pa­nies in Ro­ma­nia which spe­cialises in cus­tomised reme­dies for com­pa­nies in eco­nomic dis­tress. The com­pany is also known for its sell­ing plat­form, which is con­sid­ered to be one of the most so­phis­ti­cated and trans­par­ent in­sol­vency sell­ing plat­forms in Ro­ma­nia. In the last five years alone, the com­pany has dis­trib­uted more than EUR 400 mln to cred­i­tors. The level of debt dis­tri­bu­tion pro­vided by CITR to cred­i­tors is ap­prox­i­mately 20% higher than the mar­ket av­er­age.

Hav­ing man­aged as­sets worth over EUR 650 mln in Ro­ma­nia, CITR is con­fi­dent that it can trans­fer its in­te­grated model in Cyprus and utilise its al­most 20-year leg­isla­tive and pro­fes­sional ex­per­tise to con­trib­ute to the im­prove­ment of the lo­cal le­gal in­sol­vency frame­work.

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